NetApp Announces Results for Fourth Quarter and Fiscal Year 2012

Company Reports Q4 FY'12 Revenues of $1.70 Billion; Fiscal Year Revenues of $6.23 Billion, Up 22% Year Over Year

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Sunnyvale, Calif.- May 23, 2012 - NetApp (NASDAQ: NTAP) today reported results for the fourth quarter and fiscal year 2012, which ended April 27, 2012. Revenues for the fourth quarter of fiscal year 2012 totaled $1.70 billion, up 19% compared to revenues of $1.43 billion for the same period one year ago.

For the fourth quarter of fiscal year 2012, GAAP net income was $181 million, or $0.47 per share[1], compared to GAAP net income of $161 million, or $0.40 per share, for the same period a year ago. Non-GAAP net income for the fourth quarter of fiscal year 2012 was $252 million, or $0.66 per share[2], compared to non-GAAP net income of $237 million, or $0.59 per share for the same period a year ago.

Revenues for fiscal year 2012 totaled $6.23 billion, up 22% compared to revenues of $5.12 billion for fiscal year 2011. GAAP net income for fiscal year 2012 totaled $605 million, or $1.58 per share, compared to GAAP net income of $673 million, or $1.71 per share for fiscal year 2011. Non-GAAP net income for fiscal year 2012 totaled $926 million, or $2.41 per share, compared to non-GAAP net income of $866 million, or $2.20 per share for fiscal year 2011.

With a strong product offering and well established partner ecosystem, NetApp delivered our ninth consecutive quarter of over 20% year-over-year product revenue growth. Our ability to generate cash remains robust as the fourth quarter was our best ever quarter in terms of cash flow from operations, said Tom Georgens, president and CEO. As the innovation leader in the industry, and the only company offering a unified scale out platform, we are the clear choice for enterprises as they re-architect their data centers to provide agility while reducing complexity and cost.

Outlook

NetApps outlook for the first quarter of fiscal year 2013 reflects the normal slower seasonality of the first quarter and increasing uncertainty in the broader macro environment.

NetApp estimates revenue for the first quarter of fiscal year 2013 to be in the range of $1.40 billion to $1.50 billion, which equates to a sequential decline of approximately 12% to 18% and a year-over-year decline of approximately 4% to an increase of 3%.

NetApp estimates that first quarter fiscal year 2013 GAAP earnings per share will be approximately $0.10 to $0.15 per share. NetApp estimates that first quarter fiscal year 2013 non-GAAP earnings per share will be approximately $0.34 to $0.39 per share.

NetApp estimates that share count for the first quarter of fiscal year 2013 will decrease to approximately 380 million shares, including an estimated 7 million shares from the Companys outstanding convertible notes.[3] Share count does not include the Companys outstanding note hedges which are expected to offset 80% of the dilution from the convertible notes at maturity or conversion.

Business Highlights

In its fourth quarter of fiscal year 2012, NetApp innovation provided customers and partners with the storage foundation that is enabling them to capitalize on data to help grow their business. During the quarter, NetApp and Cisco built on the impressive momentum of the FlexPod design architecture by unveiling new architectures to allow customers and partners to accelerate their transition to the cloud. Additionally, customers around the world continued to use NetApp storage efficiency technologies to leverage existing investments, significantly reduce costs, and help support growth. Highlights during the quarter include the following:

More Than 850 Customers Build on the NetApp and Cisco FlexPod Architecture to Leverage the Cloud

NetApp and Cisco unveil new FlexPod architecture optimized for smaller workloads. New FlexPod design architectures priced and sized for smaller workloads with 500-1,000 users allow customers to invest only in the infrastructure they require and enable simple and rapid scaling to meet growing demands as their business needs change. With the new entry-level FlexPod solution, customers are able to maximize their investments with the ability to easily scale architectures by simply adding incremental capacity as their needs grow for larger application workloads.

NetApp and Cisco help customers accelerate transition to Microsoft private cloud with new validated FlexPod solution. The new FlexPod design architecture for the Microsoft private cloud is designed to meet growing demand for choice and flexibility as more customers transition to the cloud. The new design architecture helps customers reduce infrastructure and application deployment time from days to hours while helping achieve greater utilization of physical and virtual resource pools. Additionally, FlexPod is the first validated data center infrastructure to support Microsoft System Center 2012.

SOFTBANK Utilizes NetApp Technology to Help Transform IT Infrastructure and Contribute to Japans Recovery Process Following 2011 Earthquake and Tsunami

By leveraging NetApp technology to consolidate and transform its entire IT organization, SOFTBANK Group was able to deliver a range of internal and external cloud services called White Cloud that served as a catalyst for the companys continued growth and success. Its newly transformed IT infrastructure also enabled the company to deliver several of its cloud service offerings either at highly discounted rates or free of charge to businesses, public agencies, and nonprofit organizations just days after the disaster. Additionally, SOFTBANK Group was able to extend its internal virtual desktop service to 14,000 of its displaced employees in a matter of weeks rather than the originally planned one-year timeline.

Customers Can Harness Big Data Environments with Enhanced NetApp E-Series Platform

New enhancements to the

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